Financial institutions paid out a total of £10.1 billion in compensation to customers affected by mis-sold payment protection insurance (PPI).
Figures released by the Financial Conduct Authority (FCA) showed twenty-four companies made up 96% of all complaints about PPI compared with sixteen firms which accounted for over 92% of all complaints in 2011.
Numbers of claims and complaints about mis-sold PPI have steadily increased since April 2011, following a High Court judgement passed in favour of regulatory PPI compensation measures.
Total compensation of £424 million was paid to customers during April this year, compared with £28.6 million in April 2011, reflecting the surge in demand from angry customers seeking compensation.
The mis-selling of PPI has become the biggest scandal to ever hit the banking sector. Millions of individuals have sought redress over the past two years as a result of being sold repayment cover when taking out loans, credit cards and mortgages, often when they did not require it.
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